$WFC · WELLS FARGO & COMPANY/MN
Wells Fargo reported Q3 2026 net income of $5.95B ($1.87/share), up from $5.59B ($1.66/share) a year ago. Total revenue reached $21.87B (+2% YoY), with net interest income up 5% to $12.52B. Average loans and deposits both grew 11% YoY. The company repurchased $2.5B in common stock during the quarter.
- Net income of $5.95B, up 6% YoY from $5.59B; diluted EPS of $1.87 vs $1.66 (+13%)
- Total revenue of $21.87B, up 2% YoY; net interest income rose 5% to $12.52B on higher loan and deposit balances
- Provision for credit losses jumped 51% YoY to $1.03B, driven by higher allowance for C&I and auto loans
- CET1 ratio fell to 10.0% from 11.0% a year ago; repurchased $2.5B (28.6M shares) in Q3
- Average loans grew 11% YoY to $1.03T; average deposits rose 11% to $1.48T; ROTCE improved to 16.3% from 15.2%
Extended-hours trading shows WFC at $82.30, down 1.20% from the regular close of $83.30. The decline likely reflects the CET1 ratio compression to 10.0% and the 51% YoY jump in credit provisions, offsetting the EPS beat and strong loan/deposit growth.
Wells Fargo's 11% loan and deposit growth signals strong franchise momentum, but the 100 bps CET1 decline and 51% provision spike raise capital and credit quality questions for a $252B bank.
WFC's 11% loan and deposit growth outpaces typical large-cap bank peers, but the CET1 decline to 10.0% and 51% provision spike mirror sector-wide concerns about credit normalization and capital return sustainability in a late-cycle environment.
Provision for credit losses surged 51% YoY to $1.03B, with higher allowances for C&I and auto loans. CET1 ratio declined 100 bps YoY to 10.0%, narrowing the capital buffer. CEO Scharf flagged risks from higher interest rates, higher oil prices, and persistent inflation.
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